How to Start Socks Making Business in Bangladesh
Start Socks Making Business in Bangladesh
If you want to start a business in Bangladesh with a small investment, you should start Socks Making Business. It’s true and you should agree with that socks making business is one of the best ways to make enough money.
As it brings you to sales and costs, you can start this business and it has a good prospect as well. Like other countries, socks are one of the widely used hosiery items in Bangladesh.
From young men to kids and women all age group people use socks for the protection purpose. Also, athletics and sportsman use some specialty socks. Moreover, in some industry operation for their workers, socks are also protecting apparel.
Besides, socks are not only come with a wide variety of design, pattern, color, and size but various types and designs can be produced by using cotton yarn, acrylic yarn etc. apart from these, there are varieties socks available for ladies like nylon socks, trouser socks, slouch socks etc. Related content: Mistakes to Avoid Running a Profitable Business in Bangladesh
Why Start a Socks Making Business in Bangladesh?
As the market share they take up in the apparel & fashion industry is big, socks may be a small part of the average person’s wardrobe.
In this case, you can take the research of Transparency where it has stated the global socks market at $5.6 billion in 2014 with a compound annual growth rate of 8.5%.
So, it means that socks are expected to account for $11.6 billion worldwide, likely due to an increased demand for high-end, luxury socks from 2015 to 2023.
The socks industry is expected to grow exponentially within a few years driven by these changing fashion trends.
And it’s fast-growing when compared to other fashion products. Besides, this business also tends to be a good beginner product for new business owners. And socks are easy to market to a niche like graphic tees & phone cases.
Steps to Start a Socks Making Business in Bangladesh
Although the textile industry remains this country’s second largest sources income, a significant portion of this revenue is generated by the socks making business.
Producing socks for more than 20 years by the manufacturers of socks in Bangladesh. It has resulted in increased competition and fewer profits during this time they have witnessed a steady expansion of the sock making industry around the world.
It’s critical for Bangladesh socks maker to develop more effective machinery capable of producing more socks and more efficient operation in order to survive in such a competitive industry. Now, let’s know the steps to follow while staring socks making business in Bangladesh.
First Step: Building a sock brand
You’ll want to start by building a following on social media if you decide that sock entrepreneurship might be your calling. Instagram & Pinterest work best for socks as visual social media platforms.
For the best result, you should choose the social media network that works most excellent for the users you want to sell to.
So, Instagram will be more beneficial to use as your primary marketing tool if you’re selling trendy, hip socks to a younger audience.
But, you might want to try Pinterest since its user-base skews a bit older when you’re selling something geared toward an older audience and think formal dress socks or medical compression socks.
Also, keep in mind that if you’re selling trendy, hip socks to a younger audience when you first start to post to social media.
Moreover, the best way to gain followers is to create content that your followers want to see in your first few weeks on social media. But, you must avoid anything that sounds either spammy or commercial.
As socks lend themselves very well to lifestyle photography, try to accessorize your content with your socks rather than make them the primary focus of your content.
Second Step: Machines & Factory Setup
With good infrastructure facility, choose a factory location for the factory setup. In addition, you’ll need to have 62 HP of power to run this unit.
You can install a generator set as a stand-by arrangement for the interruption-free running of the unit.
Also, you’ll need to arrange the water supply alike any textile industry in this case additionally. Socks making business requires the type of machinery and some of them are below:
Automatic power socks knitting machine
- Automatic power socks knitting machine
- Overlock machine
- Rotor cabinet socks setting machine
- Hydro Extractor
- Dryer tumbler
- Garment washing machine
- Washroom trolleys
- Steam press
Third Step: Manufacturing costs
Although socks making business is just a small part of the whole line of business, many Bangladeshi manufacturers will complain at earning low manufacturing fees. So, being fair enough, everybody works and gets his own share.
Despite a custom socks order which contains 2000 pairs of socks, a common American/European manufacturer would charge you $5 or more per unit, but in Bangladesh, you can get it at $1-2, or less.
But, it’s also being noted that the world’s top quality socks are mostly made in Bangladesh.
Fourth Step: Getting traffic for business
Since your store is open to the streets, you’ll have some natural traffic. As one of your advantages, this appears. However, don’t forget that you have to pay for the rents.
You’ll execute some promotions in these stores. In the first couple of months after launching, your performance won’t be so bad.
Brand awareness is one of “the must-dos” as you’re pursuing more traffic to come. You can also offer discounts or whatever appealing so that people engage more in your social network accounts to create some sense of brand popularity and you will publish advertisements. This way you can influence a more potential audience.
Fifth Step: Packaging & decorate
As you are running on local store networks, the packaging is important. Because they love its style, otherwise they will just run away, customers will step into your store.
This is why decorations are something that needs further attention.
Nowadays, there are some online stores now running a business called Dropshipping where they will launch a good-looking website, publish ads on Facebook to target audiences that have interests in such goods.
Some Other Essential Steps to Follow
- Write a business plan for your business
- Always care for your products
- Evaluate Competitors
- Remote Business Advice
- Create your brand
- Learn from other designers
- Fill your legal requirements
- Be part of your local community
- Business marketing
- Hiring employees